Blue Owl seeks $5.9B loan for AI data centers

What happened?

Blue Owl Capital, a private credit giant with over $200 billion in assets under management, is seeking a loan of approximately $5.9 billion for its data center subsidiary Stack Infrastructure, according to Bloomberg on April 8, 2026. The deal, still in negotiation and subject to change, reflects the growing hunger for capital to build the physical infrastructure required for generative artificial intelligence. If closed, this loan would become one of the largest single financings in the history of private credit, surpassing even the $4.4 billion loan Blackstone provided to CoreWeave in 2023.

Context: The rise of private credit in AI infrastructure

The data center market is experiencing unprecedented expansion, driven by demand for computing capacity to train and run AI models. Major tech companies like Microsoft, Google, and Amazon have announced combined investments exceeding $200 billion over the next few years. However, private credit funds like Blue Owl are taking a leading role by filling the gap left by traditional banks, which have retreated due to stricter regulatory constraints following the 2008 financial crisis. Stack Infrastructure, backed by Blue Owl and other investors, has already closed previous financings worth $7 billion over the past two years, including a $1.6 billion loan in 2024. This new $5.9 billion loan, if finalized, would raise Stack's total debt to over $12 billion, consolidating its position as one of the world's largest data center operators.

Blue Owl has become a central player in this market, with over $50 billion committed to data centers through its subsidiary and other investments. The company has structured these loans with terms of up to 10 years and interest rates around 8-10%, attracting institutional investors like pension funds and insurers seeking stable returns in a high-interest-rate environment. According to Preqin data, global private credit reached $1.6 trillion in 2025, and is expected to grow to $2.3 trillion by 2028, with digital infrastructure as one of the most dynamic sectors.

Why it matters

The deal highlights two key trends: first, demand for AI infrastructure remains soaring, with energy and cooling needs multiplying costs. A state-of-the-art data center can consume up to 100 MW, equivalent to the consumption of 80,000 homes, and requires investments of $1 billion per facility. Second, private credit is consolidating as an alternative to traditional banking for financing mega-projects, amid banks' retreat due to regulatory constraints like Basel III. This move also reflects Blue Owl's strategy to diversify its portfolio beyond traditional leveraged loans, betting on real assets with predictable cash flows.

Moreover, the news comes at a time when the data center market shows signs of strain: available space supply has dropped to 3% in major markets (North America, Europe, and Asia-Pacific), according to CBRE, while rents have risen 25% year-over-year. This has led operators to seek aggressive financing to expand, sometimes taking on debt levels that some analysts consider risky.

Potential consequences

If the loan materializes, it could mark a milestone in digital infrastructure financing, demonstrating that private credit can mobilize capital at a scale comparable to investment-grade bond markets. However, experts warn of risks: potential market overheating, a credit bubble, or excessive concentration in a few operators. According to a 2025 Moody's report, the data center sector's total debt exceeds $400 billion, and leverage ratios have risen to 6x EBITDA, levels reminiscent of the dot-com bubble. For investors, the profitability of these assets will depend on AI demand maintaining its current pace. If growth slows, many projects could become underutilized, generating significant losses.

"We are witnessing one of the largest capital transfers to digital infrastructure since the dot-com bubble," says a private credit analyst cited by Bloomberg. "But unlike then, there are now long-term lease contracts with top-tier tech companies, which reduces default risk."

Nevertheless, risk concentration is high: the top three tenants (Amazon, Microsoft, and Google) account for over 60% of demand, according to Synergy Research. A slowdown in their investments could have a domino effect across the sector.

What readers should know

The news confirms that AI is not only transforming software but also the hardware and financing that sustain it. Data centers have become the new "gold" of the digital economy, and companies like Blue Owl are betting big. For industry professionals, it is crucial to monitor these moves, as they define who will control critical AI infrastructure in the coming years. Additionally, the deal could set a precedent for future mega-project financings, with implications for global financial stability if private credit continues to expand without adequate regulatory oversight. Readers should watch the final terms of the loan, especially covenants and interest rates, which could indicate investors' risk appetite.